How To Buy Property In the USA From India
Are you interested in learning more about how to buy property in the USA from India?
The good news is that anyone can buy property in the United States, regardless of their citizenship; the United States of America currently has no laws and restrictions in place that prevent an individual from buying real estate here.
Learn How To Buy Property In the USA From India
How are you planning on purchasing real estate in the United States?
If you plan on paying cash for your property, the good news is that all you have to do is have the money saved to purchase that property, if you plan on purchasing real estate with conventional financing, here are several things that you should know before applying for a mortgage.
Length of time in the United States – The first thing that you need to know before applying for a mortgage in the United States is that a mortgage lender will want to see that you’ve been in this country for at least two years.
Source of income – Besides being in this country for two years, you also have a source of income in the United States for at least the last 3 years.
Credit Score – Your credit score should ideally be 720-780.
SSN or ITIN – Last of all, the most important, you should also have a valid social security number or ITIN number before applying for a mortgage loan.
Tips for Green Card Holders – One important thing that you may want to consider before buying a property in the United States is to first apply for a Green Card here. Green cardholders who want to Buy Oregon Property In the USA From India often receive the same privileges as citizens of the United States, especially when it comes to applying for a mortgage loan.
Mortgage loan products by Freddie Mac and Fannie Mae make it easy for foreigners and US citizens to get mortgage loans in the United States, especially since these mortgage loan products require down payments that are as low as 3%.
What’s, even more, a deal about a Freddie Mac or Fannie Mae loan is that investors can use these loans to purchase the property if they intend on living in one of their rental units.
Tips For Buyers Living Outside The United States – Is your goal is to purchase property in the United States but do you still want to live in your home country?
In this case, you still can purchase a property in the United States but, you may be required to come up with a down payment on a mortgage that’s up to 50% of the purchase price.
It’s best to keep this in mind before you move forward with attempting to apply for a mortgage loan why do you still live abroad.
Do Your Due Diligence Before Purchasing An Investment Property
Due diligence is something that every real estate investor should do before purchasing real estate anywhere in the world because it enables an investor to make a smart investment.
If you’re planning on investing in your first property, here are several due diligence tips that you should follow:
Area Analysis – The first thing to do when conducting due diligence is to research the area where the property is located.
Thanks to the Internet, it’s easy to research an area online simply by reading articles, blogs, and neighborhood forums which will give you a bird’s-eye view into what’s happening in an area before you decide to invest in a rental property there.
Value And Estimate – After researching the area, the next thing that you should do is a comparable analysis to confirm that the property is being sold for a price that is comparable to other properties in the area.
Doing a comparative analysis is easy, especially if you hire a real estate agent to assist you, or if you utilize data from any of the wide variety of Real Estate websites that are available online.
Review Income And Expenses – After doing a comparative analysis, the next thing that you want to do is to review the income and expenses for the property. This is important because you want to confirm that the property is going to cash flow, and you’re going to have enough money coming in to cover your repairs, maintenance, insurance, property taxes, and other expenses.
Get A Rehab Estimate – Another thing that you want to do before purchasing an investment property is to find out if the property is going to need any improvements or repairs.
This is important because the owner may have been putting off replacing the roof, changing the HVAC, or taking care of other major issues, so you should confirm what those repairs and or maintenance costs may be before purchasing the property.
These due diligence tips that I provided you with are only a ‘bird’s-eye view’ approach to the work that’s required before purchasing an investment property. The good news is that if you are serious about Buy Property In the USA From India, and take the time to follow these tips, or establish the due diligence checklist of your own, you’re going to save yourself the time, money, and hassle of potentially losing money on a real estate investment.
Hire A Local Property Manager – Last of all, but most important, another important thing you should do when buying property in the USA from India is to hire a local property manager. This is important because a property manager will save you the time, money, and hassle of managing that property yourself while earning passive income.
Contact Rent Portland Homes – Professionals
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